A former High Court judge will oversee the royal commission into Australia's banks

The Turnbull government has chosen a former High Court judge, Kenneth Hayne, as Royal Commissioner for its inquiry into the financial services sector.

“Mr Hayne’s wealth of experience at the highest levels of Australia’s judiciary makes him the ideal person to conduct this Royal Commission,” Prime Minister Malcolm Turnbull said in a statement.

“He is renowned for his brilliant mind, his forensic skill, and his deep sense of justice.”

Hayne sat on the High Court between 1997 to 2015, having previously served as a Justice of the Supreme Court of Victoria, and Victorian Court of Appeal.

The Prime Minister surprised everyone yesterday morning by changing his mind just 48 hours after he’d previously rejected calls for a Royal Commission, announcing a wide-ranging investigation into the conduct of banks, insurers, financial services providers and superannuation funds.

The inquiry is expected to get underway in February 2018 and report to the government within 12 months.